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Exhibit 99.2

SECOND QUARTER 2025

SUPPLEMENTAL DATA

JUNE 30, 2025

2

ABOUT PARK AND SAFE HARBOR DISCLOSURE

About Park Hotels & Resorts Inc.

Park (NYSE: PK) is one of the largest publicly-traded lodging real estate investment trusts (“REIT”) with a diverse portfolio of iconic and market-leading hotels and

resorts with significant underlying real estate value. Park’s portfolio currently consists of 39 premium-branded hotels and resorts with approximately 25,000 rooms

primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

Forward-Looking Statements

This supplement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities

Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to the effects of Park’s decision to cease payments

on its $725 million non-recourse CMBS loan (“SF Mortgage Loan”) secured by two of Park’s San Francisco hotels – the 1,921-room Hilton San Francisco Union Square

and the 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the “Hilton San Francisco Hotels”) and the lender’s exercise of its remedies, including placing

such hotels into receivership, as well as Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources,

including anticipated repayment of certain of Park’s indebtedness, the completion of capital allocation priorities, the expected repurchase of Park’s stock, the impact

from macroeconomic factors (including elevated inflation and interest rates, potential economic slowdown or a recession and geopolitical conflicts or trends, including

travel barriers or changes in travel preferences for U.S. destinations), the effects of competition and the effects of future legislation, executive action or regulations,

tariffs, the expected completion of anticipated dispositions, the declaration, payment and any change in amounts of future dividends and other non-historical

statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking

terminology such as the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,”

“estimates,” “anticipates,” “hopes” or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they

involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Park’s control and which could materially affect its results of

operations, financial condition, cash flows, performance or future achievements or events.

All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks,

uncertainties and other factors that could cause actual results to differ materially from the results expressed in these forward-looking statements. You should not put

undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item

1A: “Risk Factors” in Park’s Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in Park’s filings with

the Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no

obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Supplemental Financial Information

Park presents certain non-generally accepted accounting principles (“GAAP”) financial measures in this presentation, including Nareit FFO attributable to stockholders,

Adjusted FFO attributable to stockholders, FFO per share, Adjusted FFO per share, EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA

margin, Net Debt and Net Debt to Adjusted EBITDA ratio. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income

(loss) as a measure of its operating performance. Please see the schedules included in this presentation including the “Definitions” section for additional information

and reconciliations of such non-GAAP financial measures.

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	HILTON NEW ORLEANS RIVERSIDE

TABLE OF CONTENTS

Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4
Supplementary Financial Information  . . . . . . . . . . . . . . . . . . . .	7
Outlook and Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	13
Portfolio and Operating Metrics  . . . . . . . . . . . . . . . . . . . . . . . . .	18
Properties Acquired and Sold . . . . . . . . . . . . . . . . . . . . . . . . . . .	29
Comparable Supplementary Financial Information . . . . . . . . .	31
Capital Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	36
Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	38
Analyst Coverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	43

4
	WALDORF ASTORIA ORLANDO

FINANCIAL

STATEMENTS

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	HILTON WAIKOLOA VILLAGE

FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)	June 30, 2025		December 31, 2024
	(unaudited)
ASSETS
Property and equipment, net	$7,176		$7,398
Contract asset	852		820
Intangibles, net	41		41
Cash and cash equivalents	319		402
Restricted cash	28		38
Accounts receivable, net of allowance for doubtful accounts of $3 and $4	129		131
Prepaid expenses	72		69
Other assets	69		71
Operating lease right-of-use assets	184		191
TOTAL ASSETS (variable interest entities – $209 and $223)	$8,870		$9,161
LIABILITIES AND EQUITY
Liabilities
Debt	$3,840		$3,841
Debt associated with hotels in receivership	725		725
Accrued interest associated with hotels in receivership	127		95
Accounts payable and accrued expenses	237		226
Dividends payable	55		138
Due to hotel managers	114		138
Other liabilities	165		179
Operating lease liabilities	219		225
Total liabilities (variable interest entities – $196 and $201)	5,482		5,567
Stockholders’ Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 200,946,918 shares issued and 199,913,166 shares outstanding as of June 30, 2025 and 203,407,320 shares issued and 202,553,194 shares outstanding as of December 31, 2024	2		2
Additional paid-in capital	4,022		4,063
Accumulated deficit	(580)		(420)
Total stockholders’ equity	3,444		3,645
Noncontrolling interests	(56)		(51)
Total equity	3,388		3,594
TOTAL LIABILITIES AND EQUITY	$8,870		$9,161

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	HILTON WAIKOLOA VILLAGE

FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions, except per share data)	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues
Rooms	$401		$416		$764		$790
Food and beverage	180		182		362		364
Ancillary hotel	68		66		131		128
Other	23		22		45		43
Total revenues	672		686		1,302		1,325
Operating expenses
Rooms	105		105		205		207
Food and beverage	122		121		245		244
Other departmental and support	152		155		303		300
Other property	50		57		107		109
Management fees	31		33		61		63
Impairment and casualty loss	—		7		70		13
Depreciation and amortization	122		64		191		129
Corporate general and administrative	19		18		37		35
Other	23		20		44		41
Total expenses	624		580		1,263		1,141
Gain on sale of assets, net	1		—		1		—
Gain on derecognition of assets	16		15		32		29
Operating income	65		121		72		213
Interest income	2		5		5		10
Interest expense	(53)		(54)		(105)		(107)
Interest expense associated with hotels in receivership	(16)		(15)		(32)		(29)
Equity in earnings from investments in affiliates	2		1		2		1
Other (loss) gain, net	(1)		(3)		1		(3)
(Loss) income before income taxes	(1)		55		(57)		85
Income tax (expense) benefit	(1)		12		(2)		11
Net (loss) income	(2)		67		(59)		96
Net income attributable to noncontrolling interests	(3)		(3)		(3)		(4)
Net (loss) income attributable to stockholders	$(5)		$64		$(62)		$92
(Loss) earnings per share:
(Loss) earnings per share – Basic	$(0.02)		$0.31		$(0.31)		$0.44
(Loss) earnings per share – Diluted	$(0.02)		$0.30		$(0.31)		$0.44
Weighted average shares outstanding – Basic	199		209		199		209
Weighted average shares outstanding – Diluted	199		211		199		211

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	NEW YORK HILTON MIDTOWN

SUPPLEMENTARY

FINANCIAL

INFORMATION

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	NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

EBITDA AND ADJUSTED EBITDA

(unaudited, in millions)	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net (loss) income	$(2)		$67		$(59)		$96
Depreciation and amortization expense	122		64		191		129
Interest income	(2)		(5)		(5)		(10)
Interest expense	53		54		105		107
Interest expense associated with hotels in receivership(1)	16		15		32		29
Income tax expense (benefit)	1		(12)		2		(11)
Interest income and expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates	2		2		4		5
EBITDA	190		185		270		345
Gain on sale of assets, net	(1)		—		(1)		—
Gain on derecognition of assets(1)	(16)		(15)		(32)		(29)
Share-based compensation expense	5		5		9		9
Impairment and casualty loss	—		7		70		13
Other items	5		11		11		17
Adjusted EBITDA	$183		$193		$327		$355

_____________________________________

(1)For the three and six months ended June 30, 2025 and 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain

on derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets, as Park expects to be released from this obligation upon final

resolution with the lender.

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	NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

COMPARABLE HOTEL ADJUSTED EBITDA AND COMPARABLE HOTEL

    ADJUSTED EBITDA MARGIN

(unaudited, dollars in millions)
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Adjusted EBITDA	$183		$193		$327		$355
Less: Adjusted EBITDA from investments in affiliates	(5)		(8)		(13)		(16)
Add: All other(1)	13		14		28		29
Hotel Adjusted EBITDA	191		199		342		368
Less: Adjusted EBITDA from hotels disposed of	—		(2)		—		(2)
Comparable Hotel Adjusted EBITDA	$191		$197		$342		$366
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Total Revenues	$672		$686		$1,302		$1,325
Less: Other revenue	(23)		(22)		(45)		(43)
Less: Revenues from hotels disposed of	(4)		(14)		(9)		(26)
Comparable Hotel Revenues	$645		$650		$1,248		$1,256

	Three Months Ended June 30,						Six Months Ended June 30,
	2025		2024		Change(2)		2025		2024		Change(2)
Total Revenues	$672		$686		(2.0)%		$1,302		$1,325		(1.7)%
Operating income	$65		$121		(46.3)%		$72		$213		(66.4)%
Operating income margin(2)	9.6%		17.5%		(790) bps		5.5%		16.1%		(1,060) bps
Comparable Hotel Revenues	$645		$650		(0.7)%		$1,248		$1,256		(0.7)%
Comparable Hotel Adjusted EBITDA	$191		$197		(3.2)%		$342		$366		(6.5)%
Comparable Hotel Adjusted EBITDA margin(2)	29.6%		30.4%		(80) bps		27.4%		29.1%		(170) bps

______________________________________________________________

(1)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the

condensed consolidated statements of operations.

(2)Percentages are calculated based on unrounded numbers.

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	NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

NAREIT FFO AND ADJUSTED FFO

(unaudited, in millions, except per share data)	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net (loss) income attributable to stockholders	$(5)		$64		$(62)		$92
Depreciation and amortization expense	122		64		191		129
Depreciation and amortization expense attributable to noncontrolling interests	(1)		(1)		(2)		(2)
Gain on sales of assets, net	(1)		—		(1)		—
Gain on derecognition of assets(1)	(16)		(15)		(32)		(29)
Impairment loss	—		7		70		12
Equity investment adjustments:
Equity in earnings from investments in affiliates	(2)		(1)		(2)		(1)
Pro rata FFO of investments in affiliates	4		4		5		5
Nareit FFO attributable to stockholders	101		122		167		206
Casualty loss	—		—		—		1
Share-based compensation expense	5		5		9		9
Interest expense associated with hotels in receivership(1)	16		15		32		29
Other items	7		(5)		13		3
Adjusted FFO attributable to stockholders	$129		$137		$221		$248
Nareit FFO per share – Diluted(2)	$0.51		$0.58		$0.83		$0.98
Adjusted FFO per share – Diluted(2)	$0.64		$0.65		$1.10		$1.18
Weighted average shares outstanding – Diluted(3)	200		211		200		211

__________________________________________________________________________

(1)For the three and six months ended June 30, 2025 and 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain

on derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets, as Park expects to be released from this obligation upon final

resolution with the lender.

(2)Per share amounts are calculated based on unrounded numbers.

(3)Derived from Park’s earnings per share calculations for each period presented; for shares outstanding as of June 30, 2025, see page 5.

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	NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

GENERAL AND ADMINISTRATIVE EXPENSES

(unaudited, in millions)	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Corporate general and administrative expenses	$19		$18		$37		$35
Less:
Share-based compensation expense	5		5		9		9
Other corporate expenses	1		2		2		2
G&A, excluding expenses not included in Adjusted EBITDA	$13		$11		$26		$24

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	NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

NET DEBT AND NET DEBT TO COMPARABLE ADJUSTED EBITDA RATIO

(unaudited, in millions)
	June 30, 2025		December 31, 2024
Debt	$3,840		$3,841
Add: unamortized deferred financing costs and discount	21		24
Debt, excluding unamortized deferred financing cost, premiums and discounts	3,861		3,865
Add: Park’s share of unconsolidated affiliates debt, excluding unamortized deferred financing costs	157		157
Less: cash and cash equivalents	(319)		(402)
Less: restricted cash	(28)		(38)
Net Debt	$3,671		$3,582
TTM Comparable Adjusted EBITDA(1)	$624		$648
Net Debt to TTM Comparable Adjusted EBITDA ratio	5.88x		5.53x

_____________________________________

(1)See pages 33 and 34 for trailing twelve months (“TTM”) Comparable Adjusted EBITDA as of June 30, 2025 and December 31, 2024, respectively.

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	CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND

ASSUMPTIONS

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	CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND ASSUMPTIONS

FULL-YEAR 2025 OUTLOOK

Park expects full-year 2025 operating results to be as follows:
(unaudited, dollars in millions, except per share amounts and RevPAR)
		Full-Year 2025 Outlook as of July 31, 2025				Full-Year 2025 Outlook as of June 2, 2025				Change at Midpoint
Metric		Low		High		Low		High
Comparable RevPAR		$184		$187		$185		$191		$(3)
Comparable RevPAR change vs. 2024		(2.0)%		0.0%		(1.0)%		2.0%		(150) bps
Comparable RevPAR, excluding the Royal Palm(1)		$185		$189		$186		$192		$(2)
Comparable RevPAR change vs. 2024, excluding the Royal Palm(1)		(1.0)%		1.0%		0.0%		3.0%		(150) bps
Net (loss) income		$(53)		$(3)		$(10)		$50		$(48)
Net (loss) income attributable to stockholders		$(60)		$(10)		$(18)		$42		$(47)
(Loss) earnings per share – Diluted(2)		$(0.30)		$(0.05)		$(0.09)		$0.21		$(0.24)
Operating income		$212		$263		$243		$304		$(36)
Operating income margin		8.4%		10.2%		9.5%		11.6%		(130) bps
Adjusted EBITDA		$595		$645		$588		$648		$2
Comparable Hotel Adjusted EBITDA margin(2)		26.1%		27.5%		25.7%		27.3%		30 bps
Comparable Hotel Adjusted EBITDA margin change vs. 2024(2)		(150) bps		(10)bps		(190) bps		(30)bps		30 bps
Adjusted FFO per share – Diluted(2)		$1.82		$2.08		$1.79		$2.09		$0.01

__________________________________________________________________________

(1)Royal Palm South Beach Miami, a Tribute Portfolio Resort (“Royal Palm”).

(2)Amounts are calculated based on unrounded numbers.

Park’s outlook is based in part on the following assumptions:

•Except where noted, includes the impact of renovations at the Royal Palm of approximately $17 million of Hotel Adjusted EBITDA and 40 bps of

Comparable Hotel Adjusted EBITDA margin;

•Adjusted FFO excludes $54 million of default interest and late payment administrative fees associated with default of the SF Mortgage Loan through

October 29, 2025 (when the receivership is currently expected to end upon the sale of the hotels pursuant to a purchase and sale agreement that has been

executed), which began in June 2023 and is required to be recognized in interest expense until legal titles to the Hilton San Francisco Hotels are

transferred;

•Fully diluted weighted average shares for the full-year 2025 of 200 million; and

•Park’s portfolio as of July 31, 2025 and does not take into account potential future acquisitions, dispositions or any financing transactions, which could

result in a material change to Park’s outlook.

Park’s full-year 2025 outlook is based on several factors, many of which are outside the Company’s control, including uncertainty surrounding macro-economic

factors, such as inflation, changes in interest rates and the possibility of an economic recession or slowdown, as well as the assumptions set forth above, all of

which are subject to change. Additionally, Park’s full-year 2025 outlook does not include assumptions around the incremental impact of tariff announcements

(including any foreign tariffs announced in response to changes in U.S. trade policy), or changes in travel patterns to the United States as a result of tariff or trade

policy, as the net effect of such announcements cannot be ascertained or quantified at this time.

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	CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND ASSUMPTIONS

EBITDA, ADJUSTED EBITDA, COMPARABLE HOTEL ADJUSTED EBITDA AND

    COMPARABLE HOTEL ADJUSTED EBITDA MARGIN

	Year Ending
(unaudited, in millions)	December 31, 2025
	Low Case		High Case
Net (loss) income	$(53)		$(3)
Depreciation and amortization expense	325		325
Interest income	(9)		(9)
Interest expense	208		208
Interest expense associated with hotels in receivership	54		54
Income tax expense	14		14
Interest expense, income tax and depreciation and amortization included in equity in earnings   from investments in affiliates	8		8
EBITDA	547		597
Gain on sale of assets, net	(1)		(1)
Gain on derecognition of assets	(54)		(54)
Share-based compensation expense	19		19
Impairment loss	70		70
Other items	14		14
Adjusted EBITDA	595		645
Less: Adjusted EBITDA from investments in affiliates	(20)		(20)
Add: All other	59		60
Comparable Hotel Adjusted EBITDA	$634		$685

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	CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND ASSUMPTIONS

EBITDA, ADJUSTED EBITDA, COMPARABLE HOTEL ADJUSTED EBITDA AND

    COMPARABLE HOTEL ADJUSTED EBITDA MARGIN (CONTINUED)

	Year Ending
	December 31, 2025
	Low Case		High Case
Total Revenues	$2,531		$2,590
Less: Other revenue	(92)		(92)
Hotel Revenues	2,439		2,498
Less: Revenues from hotels disposed of	(9)		(9)
Comparable Hotel Revenues	$2,430		$2,489

	Year Ending
	December 31, 2025
	Low Case		High Case
Total Revenues	$2,531		$2,590
Operating income	$212		$263
Operating income margin(1)	8.4%		10.2%
Comparable Hotel Revenues	$2,430		$2,489
Comparable Hotel Adjusted EBITDA	$634		$685
Comparable Hotel Adjusted EBITDA margin(1)	26.1%		27.5%

_______________________________________________________________________________

(1)Percentages are calculated based on unrounded numbers.

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	CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND ASSUMPTIONS

NAREIT FFO AND ADJUSTED FFO

	Year Ending
(unaudited, in millions except per share data)	December 31, 2025
	Low Case		High Case
Net (loss) income attributable to stockholders	$(60)		$(10)
Depreciation and amortization expense	325		325
Depreciation and amortization expense attributable to noncontrolling interests	(4)		(4)
Gain on sale of assets, net	(1)		(1)
Gain on derecognition of assets	(54)		(54)
Impairment loss	70		70
Equity investment adjustments:
Equity in earnings from investments in affiliates	(3)		(3)
Pro rata FFO of equity investments	6		6
Nareit FFO attributable to stockholders	279		329
Share-based compensation expense	19		19
Interest expense associated with hotels in receivership	54		54
Other items	11		13
Adjusted FFO attributable to stockholders	$363		$415
Adjusted FFO per share – Diluted(1)	$1.82		$2.08
Weighted average diluted shares outstanding	200		200

_____________________________________

(1)Per share amounts are calculated based on unrounded numbers.

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	HILTON WAIKOLOA VILLAGE

PORTFOLIO

AND

OPERATING

METRICS

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	HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

HOTEL PORTFOLIO AS OF JULY 31, 2025

Hotel Name	Total Rooms		Market		Meeting Space (square feet)		Ownership	Equity Ownership		Debt (in millions)
Comparable Portfolio
Hilton Hawaiian Village Waikiki Beach Resort	2,872		Hawaii		150,000		Fee Simple	100%		$1,275
New York Hilton Midtown	1,878		New York		151,000		Fee Simple	100%		—
Hilton New Orleans Riverside	1,622		New Orleans		158,000		Fee Simple	100%		—
Hilton Chicago	1,544		Chicago		234,000		Fee Simple	100%		—
Signia by Hilton Orlando Bonnet Creek	1,009		Orlando		234,000		Fee Simple	100%		—
DoubleTree Hotel Seattle Airport	850		Seattle		41,000		Leasehold	100%		—
Hilton Orlando Lake Buena Vista	814		Orlando		87,000		Leasehold	100%		—
Hilton Waikoloa Village	653		Hawaii		241,000		Fee Simple	100%		—
Caribe Hilton	652		Puerto Rico		65,000		Fee Simple	100%		—
DoubleTree Hotel Washington DC – Crystal City	627		Washington, D.C.		36,000		Fee Simple	100%		—
Hilton Denver City Center	613		Denver		50,000		Fee Simple	100%		$52
Hilton Boston Logan Airport	604		Boston		30,000		Leasehold	100%		—
The Wade(1)	520		Chicago		20,000		Fee Simple	100%		—
DoubleTree Hotel San Jose	505		Other U.S.		48,000		Fee Simple	100%		—
Hyatt Regency Boston	502		Boston		30,000		Fee Simple	100%		$123
Waldorf Astoria Orlando	502		Orlando		121,000		Fee Simple	100%		—
Hilton Salt Lake City Center	500		Other U.S.		24,000		Leasehold	100%		—
DoubleTree Hotel Ontario Airport	482		Southern California		27,000		Fee Simple	67%		$30
Hilton McLean Tysons Corner	458		Washington, D.C.		28,000		Fee Simple	100%		—
Hyatt Regency Mission Bay Spa and Marina	438		Southern California		24,000		Leasehold	100%		—
Boston Marriott Newton	430		Boston		35,000		Fee Simple	100%		—
The Midland Hotel, a Tribute Portfolio Hotel(2)	403		Chicago		13,000		Fee Simple	100%		—
Hilton Seattle Airport & Conference Center	396		Seattle		40,000		Leasehold	100%		—
Royal Palm South Beach Miami, a Tribute Portfolio Resort	393		Miami		11,000		Fee Simple	100%		—
Hilton Santa Barbara Beachfront Resort	360		Southern California		62,000		Fee Simple	50%		$155
JW Marriott San Francisco Union Square	344		San Francisco		12,000		Leasehold	100%		—
Hilton Short Hills	314		Other U.S.		21,000		Fee Simple	100%		—
Casa Marina Key West, Curio Collection	311		Key West		53,000		Fee Simple	100%		—

_____________________________________

(1)In February 2025, the W Chicago – Lakeshore was converted to The Wade.

(2)In January 2025, the W Chicago – City Center was converted to The Midland Hotel, a Tribute Portfolio Hotel.

20
	HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

HOTEL PORTFOLIO AS OF JULY 31, 2025 (CONTINUED)

Hotel Name	Total Rooms		Market		Meeting Space (square feet)		Ownership	Equity Ownership		Debt(1) (in millions)
Comparable Portfolio (continued)
DoubleTree Hotel San Diego – Mission Valley	300		Southern California		35,000		Leasehold	100%		—
Embassy Suites Kansas City Plaza(2)	266		Other U.S.		11,000		Leasehold	100%		—
Embassy Suites Austin Downtown South Congress	262		Other U.S.		2,000		Leasehold	100%		—
DoubleTree Hotel Sonoma Wine Country	245		Other U.S.		27,000		Leasehold	100%		—
Juniper Hotel Cupertino, Curio Collection	224		Other U.S.		5,000		Fee Simple	100%		—
Hilton Checkers Los Angeles	193		Southern California		3,000		Fee Simple	100%		—
DoubleTree Hotel Durango	159		Other U.S.		7,000		Leasehold	100%		—
The Reach Key West, Curio Collection	150		Key West		18,000		Fee Simple	100%		—
Total Comparable Portfolio (36 Hotels)	22,395				2,154,000					$1,635
Unconsolidated Joint Venture Portfolio
Hilton Orlando	1,424		Orlando		236,000		Fee Simple	20%		$105
Capital Hilton	559		Washington, D.C.		30,000		Fee Simple	25%		$27
Embassy Suites Alexandria Old Town	288		Washington, D.C.		11,000		Fee Simple	50%		$25
Total Unconsolidated Joint Venture Portfolio (3 Hotels)	2,271				277,000					$157
Grand Total (39 Hotels)	24,666				2,431,000					$1,792

_____________________________________

(1)Debt related to unconsolidated joint ventures is presented on a pro-rata basis.

(2)In July 2025, the Company made the decision to permanently close the Embassy Suites Kansas City Plaza, which Park anticipates will occur during the third quarter of 2025. In connection with that decision,

Park entered into an agreement with the ground lessor of the hotel to terminate the ground lease at the end of September 2025.

21
	HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

COMPARABLE HOTELS BY MARKET: Q2 2025 VS Q2 2024

(unaudited)						Comparable ADR						Comparable Occupancy						Comparable RevPAR						Comparable Total RevPAR
		Hotels		Rooms		2Q25		2Q24		Change(1)		2Q25		2Q24		Change		2Q25		2Q24		Change(1)		2Q25		2Q24		Change(1)
Hawaii		2		3,525		$297.44		$304.25		(2.2)%		78.6%		86.9%		(8.3)% pts		$233.80		$264.54		(11.6)%		$411.22		$450.10		(8.6)%
Orlando		3		2,325		247.38		239.96		3.1		74.9		68.4		6.5		185.19		164.01		12.9		417.55		376.66		10.9
New York		1		1,878		333.86		314.23		6.2		91.7		88.7		3.0		306.08		278.70		9.8		461.99		439.12		5.2
New Orleans		1		1,622		212.47		218.36		(2.7)		69.7		66.4		3.3		148.10		145.06		2.1		266.43		254.33		4.8
Boston		3		1,536		278.26		279.37		(0.4)		88.0		85.9		2.1		244.91		239.91		2.1		308.57		310.09		(0.5)
Southern California		5		1,773		222.72		224.55		(0.8)		79.4		81.8		(2.4)		176.85		183.69		(3.7)		291.84		293.98		(0.7)
Key West		2		461		500.67		555.43		(9.9)		85.9		77.0		8.9		429.94		427.75		0.5		703.64		683.16		3.0
Chicago		3		2,467		236.39		246.98		(4.3)		69.5		70.7		(1.2)		164.31		174.63		(5.9)		251.10		262.67		(4.4)
Puerto Rico		1		652		274.31		288.67		(5.0)		92.6		74.8		17.8		254.02		216.03		17.6		397.62		338.77		17.4
Washington, D.C.		2		1,085		211.32		212.73		(0.7)		77.3		81.8		(4.5)		163.32		173.88		(6.1)		225.43		250.47		(10.0)
Denver		1		613		189.21		204.90		(7.7)		79.9		69.4		10.5		151.26		142.28		6.3		228.38		218.64		4.5
Miami(2)		1		393		296.94		252.49		17.6		30.7		83.9		(53.2)		91.31		212.07		(56.9)		114.38		282.14		(59.5)
Seattle		2		1,246		163.46		165.56		(1.3)		77.5		78.8		(1.3)		126.65		130.47		(2.9)		171.25		176.89		(3.2)
San Francisco		1		344		301.76		273.24		10.4		74.5		70.3		4.2		224.75		192.00		17.1		285.99		241.13		18.6
Other		8		2,475		192.36		193.03		(0.3)		65.6		69.7		(4.1)		126.28		134.48		(6.1)		174.60		180.98		(3.5)
All Markets		36		22,395		$255.76		$256.88		(0.4)%		76.5%		77.4%		(0.9)% pts		$195.68		$198.93		(1.6)%		$316.50		$319.11		(0.8)%

_____________________________________

(1)Calculated based on unrounded numbers.

(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.

22
	HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

COMPARABLE HOTELS BY MARKET: Q2 2025 VS Q2 2024 (CONTINUED)

(unaudited, dollars in millions)					Comparable Hotel Adjusted EBITDA						Comparable Hotel Revenue						Comparable Hotel Adjusted EBITDA Margin
	Hotels		Rooms		2Q25		2Q24		Change(1)		2Q25		2Q24		Change(1)		2Q25		2Q24		Change
Hawaii	2		3,525		$45		$56		(19.4)%		$132		$144		(8.2)%		34.0%		38.7%		(470)	bps
Orlando	3		2,325		30		25		19.1		88		80		10.9		33.9		31.5		240
New York	1		1,878		17		14		20.4		79		75		5.2		20.9		18.3		260
New Orleans	1		1,622		14		13		12.1		39		38		4.8		36.8		34.4		240
Boston	3		1,536		16		16		0.2		43		43		(0.5)		36.8		36.5		30
Southern California	5		1,773		14		15		(2.6)		47		47		(0.7)		30.5		31.1		(60)
Key West	2		461		12		12		2.9		30		29		3.0		42.1		42.1		—
Chicago	3		2,467		16		15		1.8		56		59		(4.4)		27.8		26.1		170
Puerto Rico	1		652		7		5		31.2		24		20		17.4		28.6		25.6		300
Washington, D.C.	2		1,085		6		7		(32.0)		22		25		(10.0)		25.2		33.4		(820)
Denver	1		613		5		5		13.8		13		12		4.5		40.8		37.5		330
Miami(2)	1		393		—		4		(87.7)		4		10		(59.5)		11.0		36.4		(2,540)
Seattle	2		1,246		2		3		(23.8)		19		20		(3.2)		10.6		13.5		(290)
San Francisco	1		344		1		—		888.7		9		7		18.6		9.6		(1.5)		1,110
Other	8		2,475		6		7		(23.4)		40		41		(3.5)		14.8		18.6		(380)
All Markets	36		22,395		$191		$197		(3.2)%		$645		$650		(0.7)%		29.6%		30.4%		(80)	bps

_____________________________________

(1)Calculated based on unrounded numbers.

(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.

23
	HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

COMPARABLE HOTELS BY MARKET: YTD Q2 2025 VS YTD Q2 2024

(unaudited)					Comparable ADR						Comparable Occupancy						Comparable RevPAR						Comparable Total RevPAR
	Hotels		Rooms		2025		2024		Change(1)		2025		2024		Change		2025		2024		Change(1)		2025		2024		Change(1)
Hawaii	2		3,525		$300.53		$307.75		(2.3)%		78.5%		88.6%		(10.1)% pts		$235.85		$272.53		(13.5)%		$415.88		$465.40		(10.6)%
Orlando	3		2,325		271.84		262.69		3.5		77.4		71.3		6.1		210.36		187.23		12.4		464.76		415.81		11.8
New York	1		1,878		305.89		287.08		6.6		81.2		81.7		(0.5)		248.30		234.53		5.9		383.56		381.58		0.5
New Orleans	1		1,622		236.41		223.29		5.9		69.4		70.8		(1.4)		163.98		157.90		3.8		295.03		276.99		6.5
Boston	3		1,536		239.24		238.39		0.4		80.7		80.1		0.6		193.00		190.88		1.1		251.08		253.74		(1.1)
Southern California	5		1,773		211.41		212.46		(0.5)		77.3		78.2		(0.9)		163.42		166.17		(1.7)		267.09		267.27		(0.1)
Key West	2		461		594.93		615.78		(3.4)		87.3		80.5		6.8		519.65		496.19		4.7		800.52		740.77		8.1
Chicago	3		2,467		212.34		216.97		(2.1)		55.5		56.3		(0.8)		117.83		122.04		(3.4)		191.29		191.83		(0.3)
Puerto Rico	1		652		307.86		319.94		(3.8)		92.4		79.3		13.1		284.49		253.67		12.1		427.04		377.87		13.0
Washington, D.C.	2		1,085		205.98		198.61		3.7		73.1		74.3		(1.2)		150.63		147.60		2.1		212.69		217.13		(2.0)
Denver	1		613		179.55		188.51		(4.8)		68.9		66.5		2.4		123.67		125.28		(1.3)		191.49		189.86		0.9
Miami(2)	1		393		342.32		302.23		13.3		58.4		85.2		(26.8)		199.93		257.63		(22.4)		256.73		333.48		(23.0)
Seattle	2		1,246		151.69		151.27		0.3		72.2		73.2		(1.0)		109.54		110.80		(1.1)		152.52		155.68		(2.0)
San Francisco	1		344		379.02		346.52		9.4		68.7		68.4		0.3		260.35		236.90		9.9		345.63		317.31		8.9
Other	8		2,475		189.07		189.78		(0.4)		61.9		65.8		(3.9)		117.00		124.79		(6.2)		165.95		171.49		(3.2)
All Markets	36		22,395		$256.75		$254.33		1.0%		72.8%		74.4%		(1.6)% pts		$187.01		$189.36		(1.2)%		$307.77		$308.36		(0.2)%

____________________________________

(1)Calculated based on unrounded numbers.

(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.

24
	HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

COMPARABLE HOTELS BY MARKET: YTD Q2 2025 VS YTD Q2 2024 (CONTINUED)

(unaudited, dollars in millions)					Comparable Hotel Adjusted EBITDA						Comparable Hotel Revenue						Comparable Hotel Adjusted EBITDA Margin
	Hotels		Rooms		2025		2024		Change(1)		2025		2024		Change(1)		2025		2024		Change
Hawaii(2)	2		3,525		$91		$120		(24.6)%		$266		$297		(10.7)%		34.1%		40.4%		(630)	bps
Orlando	3		2,325		73		62		17.9		196		176		11.2		37.3		35.2		210
New York	1		1,878		12		11		5.8		130		130		—		9.3		8.8		50
New Orleans	1		1,622		34		30		15.5		87		82		5.9		39.7		36.4		330
Boston(3)	3		1,536		20		26		(23.8)		70		71		(1.6)		28.1		36.3		(820)
Southern California	5		1,773		22		24		(6.0)		86		86		(0.6)		25.9		27.4		(150)
Key West	2		461		31		28		10.6		67		62		7.5		46.2		44.9		130
Chicago	3		2,467		5		5		(8.4)		85		86		(0.8)		5.6		6.1		(50)
Puerto Rico	1		652		16		14		17.9		50		45		12.4		31.7		30.2		150
Washington, D.C.	2		1,085		10		12		(18.7)		42		43		(2.6)		23.2		27.8		(460)
Denver	1		613		7		7		(5.4)		21		21		0.3		32.1		34.0		(190)
Miami(4)	1		393		8		10		(26.6)		18		24		(23.4)		41.4		43.2		(180)
Seattle	2		1,246		1		2		(44.6)		34		35		(2.6)		3.7		6.5		(280)
San Francisco	1		344		5		3		49.1		22		20		8.3		21.7		15.8		590
Other	8		2,475		7		12		(27.1)		74		78		(3.8)		11.8		15.6		(380)
All Markets	36		22,395		$342		$366		(6.5)%		$1,248		$1,256		(0.7)%		27.4%		29.1%		(170)	bps

_____________________________________

(1)Calculated based on unrounded numbers.

(2)During Q1 2024, Park’s Hawaii hotels benefited from a state unemployment tax refund of approximately $4 million.

(3)During Q1 2024, Park’s Boston hotels benefited from a $5 million grant received from the Massachusetts Growth Capital Corporation’s Hotel & Motel Relief Grant Program.

(4)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.

25
	HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

CORE HOTELS: Q2 2025 VS Q2 2024

	(unaudited)	ADR						Occupancy						RevPAR						Total RevPAR
		2Q25		2Q24		Change(1)		2Q25		2Q24		Change		2Q25		2Q24		Change(1)		2Q25		2Q24		Change(1)
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$297.43		$303.17		(1.9)%		79.2%		89.4%		(10.2)% pts		$235.49		$271.06		(13.1)%		$385.08		$432.46		(11.0)%
2	Hilton Waikoloa Village	297.52		309.83		(4.0)		76.1		76.1		—		226.38		235.74		(4.0)		526.21		528.08		(0.4)
3	Signia by Hilton Orlando Bonnet Creek	234.20		226.90		3.2		74.1		74.1		—		173.52		168.05		3.3		484.43		460.07		5.3
4	Waldorf Astoria Orlando	389.61		379.85		2.6		73.7		61.1		12.6		287.09		232.18		23.6		556.00		448.38		24.0
5	New York Hilton Midtown	333.86		314.23		6.2		91.7		88.7		3.0		306.08		278.70		9.8		461.99		439.12		5.2
6	Hilton New Orleans Riverside	212.47		218.36		(2.7)		69.7		66.4		3.3		148.10		145.06		2.1		266.43		254.33		4.8
7	Caribe Hilton	274.31		288.67		(5.0)		92.6		74.8		17.8		254.02		216.03		17.6		397.62		338.77		17.4
8	Hilton Boston Logan Airport	282.16		284.44		(0.8)		93.2		93.8		(0.6)		262.89		266.78		(1.5)		321.13		329.56		(2.6)
9	Hyatt Regency Boston	320.59		315.26		1.7		92.2		89.0		3.2		295.52		280.48		5.4		358.05		356.24		0.5
10	Hilton Santa Barbara Beachfront Resort	336.93		341.50		(1.3)		68.6		71.9		(3.3)		231.29		245.56		(5.8)		400.86		391.52		2.4
11	Hyatt Regency Mission Bay Spa and Marina	247.85		247.73		0.1		83.3		83.8		(0.5)		206.50		207.70		(0.6)		364.50		371.56		(1.9)
12	Casa Marina Key West, Curio Collection	525.31		568.30		(7.6)		84.7		75.6		9.1		444.92		429.69		3.5		741.02		703.76		5.3
13	The Reach Key West, Curio Collection	451.69		530.19		(14.8)		88.3		79.9		8.4		398.88		423.73		(5.9)		626.14		640.44		(2.2)
14	Hilton Chicago	227.16		233.97		(2.9)		71.2		72.1		(0.9)		161.63		168.55		(4.1)		276.97		283.71		(2.4)
15	Hilton Denver City Center	189.21		204.90		(7.7)		79.9		69.4		10.5		151.26		142.28		6.3		228.38		218.64		4.5
16	Royal Palm South Beach Miami(2)	296.94		252.49		17.6		30.7		83.9		(53.2)		91.31		212.07		(56.9)		114.38		282.14		(59.5)
17	DoubleTree Hotel Washington DC – Crystal City	208.01		209.15		(0.5)		79.7		85.9		(6.2)		165.80		179.69		(7.7)		220.61		242.41		(9.0)
18	Hilton McLean Tysons Corner	216.19		218.26		(0.9)		74.0		76.0		(2.0)		159.92		165.92		(3.6)		232.03		261.51		(11.3)
19	JW Marriott San Francisco Union Square	301.76		273.24		10.4		74.5		70.3		4.2		224.75		192.00		17.1		285.99		241.13		18.6
20	Juniper Hotel Cupertino, Curio Collection	209.67		202.22		3.7		71.6		76.0		(4.4)		150.11		153.72		(2.3)		166.61		172.52		(3.4)
	Total Core Hotels (20 Hotels)	281.09		281.04		—		78.3		79.4		(1.1)		220.19		223.14		(1.3)		366.30		368.45		(0.6)
	All Other Hotels (16 Hotels)	190.51		194.41		(2.0)		72.2		72.8		(0.6)		137.49		141.53		(2.9)		198.32		202.15		(1.9)
	Total Comparable Hotels (36 Hotels)	$255.76		$256.88		(0.4)%		76.5%		77.4%		(0.9)% pts		$195.68		$198.93		(1.6)%		$316.50		$319.11		(0.8)%

_____________________________________

(1)Calculated based on unrounded numbers.

(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.

26
	HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

CORE HOTELS: Q2 2025 VS Q2 2024 (CONTINUED)

	(unaudited, dollars in millions)	Hotel Adjusted EBITDA						Hotel Revenue						Hotel Adjusted EBITDA Margin
		2Q25		2Q24		Change(1)		2Q25		2Q24		Change(1)		2Q25		2Q24		Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$36		$46		(20.8)%		$101		$113		(10.6)%		35.9%		40.5%		(460)	bps
2	Hilton Waikoloa Village	9		10		(13.0)		31		31		0.6		27.6		31.9		(430)
3	Signia by Hilton Orlando Bonnet Creek	17		15		10.9		44		42		5.3		38.4		36.5		190
4	Waldorf Astoria Orlando	8		5		44.7		25		20		24.0		30.5		26.1		440
5	New York Hilton Midtown	17		14		20.4		79		75		5.2		20.9		18.3		260
6	Hilton New Orleans Riverside	14		13		12.1		39		38		4.8		36.8		34.4		240
7	Caribe Hilton	7		5		31.2		24		20		17.4		28.6		25.6		300
8	Hilton Boston Logan Airport	6		6		0.1		18		18		(2.6)		33.1		32.2		90
9	Hyatt Regency Boston	7		7		(2.2)		16		16		0.5		42.4		43.6		(120)
10	Hilton Santa Barbara Beachfront Resort	6		6		6.2		13		13		2.4		47.9		46.2		170
11	Hyatt Regency Mission Bay Spa and Marina	4		4		(3.9)		15		15		(1.9)		24.4		24.9		(50)
12	Casa Marina Key West, Curio Collection	9		9		4.9		21		20		5.3		43.3		43.5		(20)
13	The Reach Key West, Curio Collection	3		3		(2.1)		9		9		(2.2)		39.2		39.1		10
14	Hilton Chicago	11		10		5.9		39		40		(2.4)		27.0		24.9		210
15	Hilton Denver City Center	5		5		13.8		13		12		4.5		40.8		37.5		330
16	Royal Palm South Beach Miami(2)	—		4		(87.7)		4		10		(59.5)		11.0		36.4		(2,540)
17	DoubleTree Hotel Washington DC – Crystal City	4		5		(28.8)		12		14		(9.0)		29.6		37.8		(820)
18	Hilton McLean Tysons Corner	2		3		(37.6)		10		11		(11.3)		19.4		27.6		(820)
19	JW Marriott San Francisco Union Square	1		—		888.7		9		7		18.6		9.6		(1.5)		1,110
20	Juniper Hotel Cupertino, Curio Collection	1		1		(18.9)		3		4		(3.4)		23.9		28.5		(460)
	Total Core Hotels (20 Hotels)	167		171		(2.4)		525		528		(0.5)		31.6		32.2		(60)
	All Other Hotels (16 Hotels)	24		26		(8.2)		120		122		(1.9)		20.8		22.2		(140)
	Total Comparable Hotels (36 Hotels)	$191		$197		(3.2)%		$645		$650		(0.7)%		29.6%		30.4%		(80)	bps

_____________________________________

(1)Calculated based on unrounded numbers.

(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.

27
	HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

CORE HOTELS: YTD Q2 2025 VS YTD Q2 2024

	(unaudited)	ADR						Occupancy						RevPAR						Total RevPAR
		2025		2024		Change(1)		2025		2024		Change		2025		2024		Change(1)		2025		2024		Change(1)
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$295.84		$303.45		(2.5)%		78.3%		90.5%		(12.2)% pts		$231.78		$274.88		(15.7)%		$380.14		$441.99		(14.0)%
2	Hilton Waikoloa Village	320.94		329.38		(2.6)		79.1		79.6		(0.5)		253.73		262.16		(3.2)		573.03		568.91		0.7
3	Signia by Hilton Orlando Bonnet Creek	258.59		251.56		2.8		76.1		75.9		0.2		196.66		190.77		3.1		536.80		496.90		8.0
4	Waldorf Astoria Orlando	430.73		412.39		4.4		74.3		60.6		13.7		320.04		249.91		28.1		597.56		476.86		25.3
5	New York Hilton Midtown	305.89		287.08		6.6		81.2		81.7		(0.5)		248.30		234.53		5.9		383.56		381.58		0.5
6	Hilton New Orleans Riverside	236.41		223.29		5.9		69.4		70.8		(1.4)		163.98		157.90		3.8		295.03		276.99		6.5
7	Caribe Hilton	307.86		319.94		(3.8)		92.4		79.3		13.1		284.49		253.67		12.1		427.04		377.87		13.0
8	Hilton Boston Logan Airport	242.81		241.62		0.5		91.8		93.0		(1.2)		222.86		224.61		(0.8)		278.56		283.25		(1.7)
9	Hyatt Regency Boston	268.66		260.87		3.0		80.5		80.8		(0.3)		216.21		210.84		2.6		269.43		273.52		(1.5)
10	Hilton Santa Barbara Beachfront Resort	300.06		299.23		0.3		67.0		70.1		(3.1)		201.18		209.83		(4.1)		342.92		335.83		2.1
11	Hyatt Regency Mission Bay Spa and Marina	232.99		235.34		(1.0)		78.4		77.3		1.1		182.67		181.81		0.5		328.62		331.76		(0.9)
12	Casa Marina Key West, Curio Collection	620.56		630.71		(1.6)		86.8		78.9		7.9		538.73		497.55		8.3		835.59		752.23		11.1
13	The Reach Key West, Curio Collection	542.78		586.75		(7.5)		88.5		84.1		4.4		480.10		493.36		(2.7)		727.80		717.01		1.5
14	Hilton Chicago	202.61		205.03		(1.2)		59.9		57.9		2.0		121.40		118.77		2.2		222.15		213.04		4.3
15	Hilton Denver City Center	179.55		188.51		(4.8)		68.9		66.5		2.4		123.67		125.28		(1.3)		191.49		189.86		0.9
16	Royal Palm South Beach Miami(2)	342.32		302.23		13.3		58.4		85.2		(26.8)		199.93		257.63		(22.4)		256.73		333.48		(23.0)
17	DoubleTree Hotel Washington DC – Crystal City	200.47		194.06		3.3		75.6		77.4		(1.8)		151.54		150.20		0.9		203.83		206.56		(1.3)
18	Hilton McLean Tysons Corner	214.15		205.49		4.2		69.8		70.1		(0.3)		149.39		144.04		3.7		224.83		231.62		(2.9)
19	JW Marriott San Francisco Union Square	379.02		346.52		9.4		68.7		68.4		0.3		260.35		236.90		9.9		345.63		317.31		8.9
20	Juniper Hotel Cupertino, Curio Collection	214.83		205.92		4.3		66.1		72.6		(6.5)		141.98		149.39		(5.0)		157.44		169.42		(7.1)
	Total Core Hotels (20 Hotels)	284.16		279.79		1.6		75.3		77.2		(1.9)		213.88		215.89		(0.9)		359.92		359.66		0.1
	All Other Hotels (16 Hotels)	183.74		185.88		(1.1)		67.1		68.1		(1.0)		123.23		126.47		(2.6)		184.02		186.74		(1.5)
	Total Comparable Hotels (36 Hotels)	$256.75		$254.33		1.0%		72.8%		74.4%		(1.6)% pts		$187.01		$189.36		(1.2)%		$307.77		$308.36		(0.2)%

_______________________________________________________________

(1)Calculated based on unrounded numbers.

(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.

28
	HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

CORE HOTELS: YTD Q2 2025 VS YTD Q2 2024 (CONTINUED)

	(unaudited, dollars in millions)	Hotel Adjusted EBITDA						Hotel Revenue						Hotel Adjusted EBITDA Margin
		2025		2024		Change(1)		2025		2024		Change(1)		2025		2024		Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort(2)	$69		$96		(28.8)%		$198		$230		(14.1)%		34.7%		41.9%		(720)	bps
2	Hilton Waikoloa Village(2)	22		24		(7.2)		68		67		1.1		32.5		35.4		(290)
3	Signia by Hilton Orlando Bonnet Creek	40		36		12.4		98		91		7.4		40.9		39.1		180
4	Waldorf Astoria Orlando	18		13		44.5		54		44		24.6		33.8		29.2		460
5	New York Hilton Midtown	12		11		5.8		130		130		—		9.3		8.8		50
6	Hilton New Orleans Riverside	34		30		15.5		87		82		5.9		39.7		36.4		330
7	Caribe Hilton	16		14		17.9		50		45		12.4		31.7		30.2		150
8	Hilton Boston Logan Airport(3)	8		10		(19.2)		30		31		(2.2)		26.5		32.1		(560)
9	Hyatt Regency Boston(3)	8		11		(23.6)		24		25		(2.0)		32.8		42.1		(930)
10	Hilton Santa Barbara Beachfront Resort	9		9		2.8		23		22		1.6		39.5		39.0		50
11	Hyatt Regency Mission Bay Spa and Marina	5		6		(8.9)		26		26		(1.5)		21.0		22.7		(170)
12	Casa Marina Key West, Curio Collection	22		20		13.5		47		43		10.5		47.2		45.9		130
13	The Reach Key West, Curio Collection	9		8		3.6		20		19		0.9		43.7		42.6		110
14	Hilton Chicago	7		5		43.7		62		60		3.7		11.6		8.4		320
15	Hilton Denver City Center	7		7		(5.4)		21		21		0.3		32.1		34.0		(190)
16	Royal Palm South Beach Miami(4)	8		10		(26.6)		18		24		(23.4)		41.4		43.2		(180)
17	DoubleTree Hotel Washington DC – Crystal City	6		8		(15.8)		23		24		(1.9)		27.6		32.1		(450)
18	Hilton McLean Tysons Corner	3		4		(23.9)		19		19		(3.5)		17.8		22.6		(480)
19	JW Marriott San Francisco Union Square	5		3		49.1		22		20		8.3		21.7		15.8		590
20	Juniper Hotel Cupertino, Curio Collection	1		2		(32.4)		6		7		(7.6)		20.2		27.6		(740)
	Total Core Hotels (20 Hotels)	309		327		(4.8)		1,026		1,030		(0.4)		30.2		31.6		(140)
	All Other Hotels (16 Hotels)	33		39		(20.2)		222		226		(2.0)		14.6		17.9		(330)
	Total Comparable Hotels (36 Hotels)	$342		$366		(6.5)%		$1,248		$1,256		(0.7)%		27.4%		29.1%		(170)	bps

____________________________________________________

(1)Calculated based on unrounded numbers.

(2)During Q1 2024, Park’s Hawaii hotels benefited from a state unemployment tax refund of approximately $4 million.

(3)During Q1 2024, Park’s Boston hotels benefited from a $5 million grant received from the Massachusetts Growth Capital Corporation’s Hotel & Motel Relief Grant Program.

(4)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.

29
	HILTON DENVER CITY CENTER

PROPERTIES

ACQUIRED AND

SOLD

30
	HILTON DENVER CITY CENTER

PROPERTIES ACQUIRED AND SOLD

TOTAL ACQUISITIONS
Year		Number of Hotels		Room Count		Total Consideration
						(in millions)
2019		18		5,981		$2,500.0
		18		5,981		$2,500.0
TOTAL SALES
Year		Number of Hotels		Room Count		Gross Proceeds(1)
						(in millions)
2018		13		3,193		$519.0
2019		8		2,597		496.9
2020		2		700		207.9
2021		5		1,042		476.6
2022		7		2,207		316.9
2023		1		508		118.3
2024		2		769		76.3
2025		1		316		80.0
		39(2)		11,332		$2,291.9

2025 SALES
Hotel		Location		Month Sold		Room Count		Gross Proceeds
								(in millions)
Hyatt Centric Fisherman’s Wharf		San Francisco, California		May 2025		316		$80.0
						316		$80.0

____________________________________

(1)Gross proceeds from the sale of joint ventures represent Park’s pro-rata share.

(2)To date, Park has sold its interest in 39 hotels. In addition, five other properties were subject to ground leases that either expired or were terminated by Park or the

landlord, and consequently turned over to the landlord. Further, the two Hilton San Francisco Hotels were placed into receivership in October 2023.

31
	SIGNIA BY HILTON ORLANDO BONNET CREEK

COMPARABLE

SUPPLEMENTARY

FINANCIAL

INFORMATION

32
	SIGNIA BY HILTON ORLANDO BONNET CREEK

COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION

HISTORICAL COMPARABLE TTM HOTEL METRICS

(unaudited, dollars in millions)
	Three Months Ended									TTM
	September 30,		December 31,		March 31,		June 30,			June 30,
	2024		2024		2025		2025			2025
Comparable RevPAR	$191.32		$179.81		$178.24		$195.68			$186.28
Comparable Occupancy	77.9%		69.9%		69.1%		76.5%			73.4%
Comparable ADR	$245.46		$257.26		$257.86		$255.76			$253.85
Total Revenues	$649		$625		$630		$672			$2,576
Operating income	$95		$83		$7		$65			$250
Operating income margin(1)	14.6%		13.3%		1.1%		9.6%			9.7%
Comparable Hotel Revenues	$613		$595		$603		$645			$2,456
Comparable Hotel Adjusted EBITDA	$167		$148		$151		$191			$657
Comparable Hotel Adjusted EBITDA margin(1)	27.3%		24.8%		25.1%		29.6%			26.8%
	Three Months Ended									Full-Year
	March 31,		June 30,		September 30,		December 31,			December 31,
	2024		2024		2024		2024			2024
Comparable RevPAR	$179.79		$198.93		$191.32		$179.81			$187.45
Comparable Occupancy	71.5%		77.4%		77.9%		69.9%			74.2%
Comparable ADR	$251.56		$256.88		$245.46		$257.26			$252.68
Total Revenues	$639		$686		$649		$625			$2,599
Operating income	$92		$121		$95		$83			$391
Operating income margin(1)	14.5%		17.5%		14.6%		13.3%			15.0%
Comparable Hotel Revenues	$606		$650		$613		$595			$2,464
Comparable Hotel Adjusted EBITDA	$169		$197		$167		$148			$681
Comparable Hotel Adjusted EBITDA margin(1)	27.9%		30.4%		27.3%		24.8%			27.6%

_____________________________________

(1)Percentages are calculated based on unrounded numbers.

33
	SIGNIA BY HILTON ORLANDO BONNET CREEK

COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION

HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – TTM 2025

	Three Months Ended									TTM
(unaudited, in millions)	September 30,		December 31,		March  31,		June 30,			June 30,
	2024		2024		2025		2025			2025
Net income (loss)	$57		$73		$(57)		$(2)			$71
Depreciation and amortization expense	63		65		69		122			319
Interest income	(6)		(5)		(3)		(2)			(16)
Interest expense	54		53		52		53			212
Interest expense associated with hotels in receivership(1)	15		16		16		16			63
Income tax (benefit) expense	2		(52)		1		1			(48)
Interest expense, income tax and depreciation and amortization   included in equity in earnings from investments in affiliates	4		1		2		2			9
EBITDA	189		151		80		190			610
Gain on sales of assets, net	—		(8)		—		(1)			(9)
Gain on derecognition of assets(1)	(15)		(16)		(16)		(16)			(63)
Gain on sale of investments in affiliates(2)	(19)		—		—		—			(19)
Share-based compensation expense	5		5		4		5			19
Impairment and casualty loss	—		1		70		—			71
Other items	(1)		5		6		5			15
Adjusted EBITDA	159		138		144		183			624
Less: Adjusted EBITDA from hotels disposed of	(1)		1		—		—			—
Comparable Adjusted EBITDA	158		139		144		183			624
Less: Adjusted EBITDA from investments in affiliates	(3)		(4)		(8)		(5)			(20)
Add: All other(3)	12		13		15		13			53
Comparable Hotel Adjusted EBITDA	$167		$148		$151		$191			$657

_____________________________________

(1)Represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the condensed

consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender.

(2)Includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines included in equity in earnings from investments in affiliates in the condensed consolidated statements of operations.

(3)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated

statements of operations.

34
	SIGNIA BY HILTON ORLANDO BONNET CREEK

COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION

HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – FULL-YEAR 2024

	Three Months Ended									Full-Year
(unaudited, in millions)	March 31,		June 30,		September 30,		December 31,			December 31,
	2024		2024		2024		2024			2024
Net income	$29		$67		$57		$73			$226
Depreciation and amortization expense	65		64		63		65			257
Interest income	(5)		(5)		(6)		(5)			(21)
Interest expense	53		54		54		53			214
Interest expense associated with hotels in receivership(1)	14		15		15		16			60
Income tax expense (benefit)	1		(12)		2		(52)			(61)
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates	3		2		4		1			10
EBITDA	160		185		189		151			685
Gain on sales of assets, net	—		—		—		(8)			(8)
Gain on derecognition of assets(1)	(14)		(15)		(15)		(16)			(60)
Gain on sale of investments in affiliates(2)	—		—		(19)		—			(19)
Share-based compensation expense	4		5		5		5			19
Impairment and casualty loss	6		7		—		1			14
Other items	6		11		(1)		5			21
Adjusted EBITDA	162		193		159		138			652
Less: Adjusted EBITDA from hotels disposed of	—		(2)		(1)		1			(2)
Less: Adjusted EBITDA from investments in affiliates disposed of	(1)		(1)		—		—			(2)
Comparable Adjusted EBITDA	161		190		158		139			648
Less: Adjusted EBITDA from investments in affiliates	(7)		(7)		(3)		(4)			(21)
Add: All other(3)	15		14		12		13			54
Comparable Hotel Adjusted EBITDA	$169		$197		$167		$148			$681

_____________________________________

(1)For the year ended December 31, 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase

of the contract asset on the condensed consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender.

(2)For the year ended December 31, 2024, includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines included in equity in earnings from investments in affiliates in the condensed consolidated

statements of operations.

(3)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated

statements of operations.

35
	SIGNIA BY HILTON ORLANDO BONNET CREEK

COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION

HISTORICAL COMPARABLE TTM HOTEL REVENUES – 2025 AND 2024

	Three Months Ended									TTM
(unaudited, in millions)	September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025			June 30, 2025
Total Revenues	$649		$625		$630		$672			$2,576
Less: Other revenue	(21)		(22)		(22)		(23)			(88)
Less: Revenues from hotels disposed of	(15)		(8)		(5)		(4)			(32)
Comparable Hotel Revenues	$613		$595		$603		$645			$2,456
	Three Months Ended									Full-Year
	March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024			December 31, 2024
Total Revenues	$639		$686		$649		$625			$2,599
Less: Other revenue	(21)		(22)		(21)		(22)			(86)
Less: Revenues from hotels disposed of	(12)		(14)		(15)		(8)			(49)
Comparable Hotel Revenues	$606		$650		$613		$595			$2,464

36
	ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO

CAPITAL

STRUCTURE

37
	ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO

CAPITAL STRUCTURE

FIXED AND VARIABLE RATE DEBT

(unaudited, dollars in millions)								As of June 30, 2025
Debt(1)		Collateral		Interest Rate		Maturity Date
Fixed Rate Debt
Mortgage loan		Hilton Denver City Center		4.90%		December 2025(2)		$52
Mortgage loan		Hyatt Regency Boston		4.25%		July 2026		123
Mortgage loan		Hilton Hawaiian Village Beach Resort		4.20%		November 2026		1,275
Mortgage loan		Hilton Santa Barbara Beachfront Resort		4.17%		December 2026		155
Mortgage loan		DoubleTree Hotel Ontario Airport		5.37%		May 2027		30
2028 Senior Notes		Unsecured		5.88%		October 2028		725
2029 Senior Notes		Unsecured		4.88%		May 2029		750
2030 Senior Notes		Unsecured		7.00%		February 2030		550
Finance lease obligations				7.04%		2025 to 2028		1
Total Fixed Rate Debt				5.11%(3)				3,661
Variable Rate Debt
Revolver(4)		Unsecured		SOFR + 2.00%(5)		December 2026		—
2024 Term Loan		Unsecured		SOFR + 1.95%(5)		May 2027		200
Total Variable Rate Debt				6.37%				200
Less: unamortized deferred financing costs and discount								(21)
Total Debt(1)(6)				5.18%(3)				$3,840

_____________________________________

(1)Excludes the SF Mortgage Loan secured by the Hilton San Francisco Hotels, which is included in debt associated with hotels in receivership in Park’s condensed consolidated balance sheets. In October

2023, the Hilton San Francisco Hotels were placed into court-ordered receivership, and thus, Park has no further economic interest in the operations of the hotels. 

(2)The loan matures in August 2042 but is callable by the lender with six months notice. As of June 30, 2025, Park had not received notice from the lender.

(3)Calculated on a weighted average basis.

(4)As of July 31, 2025, Park has $950 million of available capacity under the Revolver with no outstanding letters of credit.

(5)SOFR includes a credit spread adjustment of 0.1%.

(6)Excludes $157 million of Park’s share of debt of its unconsolidated joint ventures.

38
	HYATT REGENCY BOSTON

DEFINITIONS

39
	HYATT REGENCY BOSTON

DEFINITIONS

Comparable

The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable

Hotel Revenues, Comparable RevPAR, Comparable Occupancy, Comparable ADR, Comparable Hotel Adjusted EBITDA and Comparable Hotel

Adjusted EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing

operating performance of its hotels. The Company’s Comparable metrics include results from hotels that were active and operating in Park’s

portfolio since January 1st of the previous year and property acquisitions as though such acquisitions occurred on the earliest period presented.

Additionally, Comparable metrics exclude results from property dispositions that have occurred through July 31, 2025 and the Hilton San

Francisco Hotels, which were placed into receivership at the end of October 2023.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin

Earnings before interest expense, taxes and depreciation and amortization (“EBITDA”), presented herein, reflects net income (loss) excluding

depreciation and amortization, interest income, interest expense, income taxes and also interest income and expense, income tax and

depreciation and amortization included in equity in earnings from investments in affiliates.

Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude the following items that are not

reflective of Park’s ongoing operating performance or incurred in the normal course of business, and thus, excluded from management’s analysis

in making day-to-day operating decisions and evaluations of Park’s operating performance against other companies within its industry:

•Gains or losses on sales of assets for both consolidated and unconsolidated investments;

•Costs associated with hotel acquisitions or dispositions expensed during the period;

•Severance expense;

•Share-based compensation expense;

•Impairment losses and casualty gains or losses; and

•Other items that management believes are not representative of the Company’s current or future operating performance.

Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company’s consolidated

hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company’s profitability. The Company presents

Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the Company’s consolidated hotels.

Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States (“U.S.”)

GAAP and should not be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in

accordance with U.S. GAAP. In addition, the Company’s definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted

EBITDA margin may not be comparable to similarly titled measures of other companies.

40
	HYATT REGENCY BOSTON

DEFINITIONS

(CONTINUED)

The Company believes that EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin provide useful information to

investors about the Company and its financial condition and results of operations for the following reasons: (i) EBITDA, Adjusted EBITDA, Hotel

Adjusted EBITDA and Hotel Adjusted EBITDA margin are among the measures used by the Company’s management team to make day-to-day

operating decisions and evaluate its operating performance between periods and between REITs by removing the effect of its capital structure

(primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results; and (ii) EBITDA, Adjusted

EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are frequently used by securities analysts, investors and other interested

parties as a common performance measure to compare results or estimate valuations across companies in the industry.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin have limitations as analytical tools and should not be

considered either in isolation or as a substitute for net income (loss) or other methods of analyzing the Company’s operating performance and

results as reported under U.S. GAAP. Because of these limitations, EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA should not be

considered as discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be available

to the Company to meet its obligations. Further, the Company does not use or present EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and

Hotel Adjusted EBITDA margin as measures of liquidity or cash flows.

Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – Diluted and Adjusted FFO per

share – Diluted

Nareit FFO attributable to stockholders and Nareit FFO per diluted share (defined as set forth below) are presented herein as non-GAAP

measures of the Company’s performance. The Company calculates funds from (used in) operations (“FFO”) attributable to stockholders for a

given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”), as net

income (loss) attributable to stockholders (calculated in accordance with U.S. GAAP), excluding depreciation and amortization, gains or losses on

sales of assets, impairment, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated joint ventures.

Adjustments for unconsolidated joint ventures are calculated to reflect the Company’s pro rata share of the FFO of those entities on the same

basis.

As noted by Nareit in its December 2018 “Nareit Funds from Operations White Paper – 2018 Restatement,” since real estate values historically

have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies

that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an

industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to investors regarding its

operating performance and can facilitate comparisons of operating performance between periods and between REITs. The Company’s

presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition,

or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as Nareit FFO divided by the

number of fully diluted shares outstanding during a given operating period.

41
	HYATT REGENCY BOSTON

DEFINITIONS

(CONTINUED)

The Company also presents Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating its performance

because management believes that the exclusion of certain additional items described below provides useful supplemental information to

investors regarding the Company’s ongoing operating performance. Management historically has made the adjustments detailed below in

evaluating its performance and in its annual budget process. Management believes that the presentation of Adjusted FFO provides useful

supplemental information that is beneficial to an investor’s complete understanding of operating performance. The Company adjusts Nareit FFO

attributable to stockholders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO attributable to

stockholders:

•Costs associated with hotel acquisitions or dispositions expensed during the period;

•Severance expense;

•Share-based compensation expense;

•Casualty gains or losses; and

•Other items that management believes are not representative of the Company’s current or future operating performance.

Net Debt

Net Debt, presented herein, is a non-GAAP financial measure that the Company uses to evaluate its financial leverage. Net Debt is calculated as

(i) debt excluding unamortized deferred financing costs; and (ii) the Company’s share of investments in affiliate debt, excluding unamortized

deferred financing costs; reduced by (a) cash and cash equivalents; and (b) restricted cash and cash equivalents. Net Debt also excludes Debt

associated with hotels in receivership.

The Company believes Net Debt provides useful information about its indebtedness to investors as it is frequently used by securities analysts,

investors and other interested parties to compare the indebtedness of companies. Net Debt should not be considered as a substitute to debt

presented in accordance with U.S. GAAP. Net Debt may not be comparable to a similarly titled measure of other companies.

Net Debt to Adjusted EBITDA Ratio

Net Debt to Adjusted EBITDA ratio, presented herein, is a non-GAAP financial measure and is included as it is frequently used by securities

analysts, investors and other interested parties to compare the financial condition of companies. Net Debt to Adjusted EBITDA ratio should not be

considered as an alternative to measures of financial condition derived in accordance with U.S. GAAP and it may not be comparable to a similarly

titled measure of other companies.

Occupancy

Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels.

Occupancy measures the utilization of the Company’s hotels’ available capacity. Management uses Occupancy to gauge demand at a specific

hotel or group of hotels in a given period. Occupancy levels also help management determine achievable Average Daily Rate (“ADR”) levels as

demand for rooms increases or decreases.

42
	HYATT REGENCY BOSTON

DEFINITIONS

(CONTINUED)

Average Daily Rate

ADR (or rate) represents rooms revenue divided by total number of room nights sold in a given period. ADR measures average room price

attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel

or group of hotels. ADR is a commonly used performance measure in the hotel industry, and management uses ADR to assess pricing levels that

the Company is able to generate by type of customer, as changes in rates have a more pronounced effect on overall revenues and incremental

profitability than changes in Occupancy, as described above.

Revenue per Available Room

Revenue per Available Room (“RevPAR”) represents rooms revenue divided by the total number of room nights available to guests for a given

period. Management considers RevPAR to be a meaningful indicator of the Company’s performance as it provides a metric correlated to two

primary and key factors of operations at a hotel or group of hotels: Occupancy and ADR. RevPAR is also a useful indicator in measuring

performance over comparable periods.

Total RevPAR

Total RevPAR represents rooms, food and beverage and other hotel revenues divided by the total number of room nights available to guests for a

given period. Management considers Total RevPAR to be a meaningful indicator of the Company’s performance as approximately one-third of

revenues are earned from food and beverage and other hotel revenues. Total RevPAR is also a useful indicator in measuring performance over

comparable periods. 

43
	HILTON SANTA BARBARA BEACHFRONT RESORT

ANALYST

COVERAGE

44
	HILTON SANTA BARBARA BEACHFRONT RESORT

ANALYST COVERAGE

Analyst	Company	Phone	Email
Dany Asad	Bank of America	(646) 855-5238	dany.asad@bofa.com
Ari Klein	BMO Capital Markets	(212) 885-4103	ari.klein@bmo.com
Smedes Rose	Citi Research	(212) 816-6243	smedes.rose@citi.com
Ken Billingsley	Compass Point	(202) 534-1393	kbillingsley@compasspointllc.com
Chris Woronka	Deutsche Bank	(212) 250-9376	chris.woronka@db.com
Duane Pfennigwerth	Evercore ISI	(212) 497-0817	duane.pfennigwerth@evercoreisi.com
Christopher Darling	Green Street	(949) 640-8780	cdarling@greenstreet.com
David Katz	Jefferies	(212) 323-3355	dkatz@jefferies.com
Daniel Politzer	JP Morgan	(212) 622-0110	daniel.politzer@jpmorgan.com
Stephen Grambling	Morgan Stanley	(212) 761-1010	stephen.grambling@morganstanley.com
RJ Milligan	Raymond James	(727) 567-2585	rjmilligan@raymondjames.com
Patrick Scholes	Truist Securities	(212) 319-3915	patrick.scholes@research.Truist.com
Robin Farley	UBS	(212) 713-2060	robin.farley@ubs.com
Jay Kornreich	Wedbush Securities Inc.	(212) 938-9942	jay.kornreich@wedbush.com
Jamie Feldman	Wells Fargo	(212) 214-5328	james.feldman@wellsfargo.com
Keegan Carl	Wolfe Research	(646) 582-9251	kcarl@wolferesearch.com